Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | May 22, 2023 | Oct. 01, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 01, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Skyline Champion Corporation | ||
Entity Central Index Key | 0000090896 | ||
Current Fiscal Year End Date | --04-01 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,805,585,115 | ||
Entity Common Stock, Shares Outstanding | 57,133,344 | ||
Entity File Number | 001-04714 | ||
Entity Tax Identification Number | 35-1038277 | ||
Entity Address, Address Line One | 755 West Big Beaver Road | ||
Entity Address, Address Line Two | Suite 1000 | ||
Entity Address, City or Town | Troy | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48084 | ||
City Area Code | 248 | ||
Local Phone Number | 614-8211 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | SKY | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Detroit, Michigan | ||
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 747,453 | $ 435,413 |
Trade accounts receivable, net | 67,296 | 90,536 |
Inventories, net | 202,238 | 241,334 |
Other current assets | 26,479 | 14,977 |
Total current assets | 1,043,466 | 782,260 |
Long-term assets: | ||
Property, plant, and equipment, net | 177,125 | 132,985 |
Goodwill | 196,574 | 191,970 |
Amortizable intangible assets, net | 45,343 | 51,283 |
Deferred tax assets | 17,422 | 17,750 |
Other noncurrent assets | 82,794 | 58,371 |
Total assets | 1,562,724 | 1,234,619 |
Current liabilities: | ||
Floor plan payable | 0 | 35,460 |
Accounts payable | 44,702 | 92,159 |
Other current liabilities | 204,215 | 222,493 |
Total current liabilities | 248,917 | 350,112 |
Long-term liabilities: | ||
Long-term debt | 12,430 | 12,430 |
Deferred tax liabilities | 5,964 | 5,124 |
Other liabilities | 62,412 | 41,840 |
Total long-term liabilities | 80,806 | 59,394 |
Stockholders' Equity: | ||
Common stock, $0.0277 par value, 115,000 shares authorized, 57,108 and 56,838 shares issued as of April 1, 2023 and April 2, 2022, respectively. | 1,585 | 1,573 |
Additional paid-in capital | 519,479 | 502,846 |
Retained earnings | 725,672 | 327,902 |
Accumulated other comprehensive loss | (13,735) | (7,208) |
Total equity | 1,233,001 | 825,113 |
Total liabilities and stockholders' equity | $ 1,562,724 | $ 1,234,619 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 01, 2023 | Apr. 02, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0277 | $ 0.0277 |
Common stock, shares authorized | 115,000,000 | 115,000,000 |
Common stock, shares issued | 57,108,000 | 56,838,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,606,560 | $ 2,207,229 | $ 1,420,881 |
Cost of sales | 1,787,879 | 1,618,106 | 1,133,186 |
Gross profit | 818,681 | 589,123 | 287,695 |
Selling, general, and administrative expenses | 300,396 | 256,218 | 178,936 |
Operating income | 518,285 | 332,905 | 108,759 |
Interest expense | 3,276 | 3,245 | 3,813 |
Interest income | (18,253) | (733) | (565) |
Other income | (634) | (36) | (5,889) |
Income before income taxes | 533,896 | 330,429 | 111,400 |
Income tax expense | 132,094 | 82,385 | 26,501 |
Net income | $ 401,802 | $ 248,044 | $ 84,899 |
Net income per share: | |||
Basic | $ 7.05 | $ 4.37 | $ 1.50 |
Diluted | $ 7 | $ 4.33 | $ 1.49 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 401,802 | $ 248,044 | $ 84,899 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments | (6,527) | 316 | 5,235 |
Total comprehensive income | $ 395,275 | $ 248,360 | $ 90,134 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Cash flows from operating activities | |||
Net income | $ 401,802 | $ 248,044 | $ 84,899 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26,726 | 20,936 | 17,704 |
Equity-based compensation | 14,160 | 9,777 | 6,037 |
Deferred taxes | 1,127 | 3,019 | 3,588 |
Amortization of deferred financing fees | 357 | 690 | 506 |
(Gain) loss on disposal of property, plant, and equipment | (129) | 612 | (61) |
Foreign currency transaction loss (gain) | 828 | (83) | (519) |
Change in assets and liabilities, net of business acquired: | |||
Accounts receivable | 23,090 | (32,854) | (9,305) |
Inventories | 49,196 | (75,019) | (31,030) |
Other assets | (11,930) | (28,217) | 967 |
Accounts payable | (49,082) | 34,824 | 16,371 |
Accrued expenses and other current liabilities | (39,920) | 42,750 | 64,740 |
Net cash provided by operating activities | 416,225 | 224,479 | 153,897 |
Cash flows from investing activities | |||
Additions to property, plant, and equipment | (52,244) | (31,979) | (8,016) |
Cash paid for acquisitions, net of cash acquired | (6,810) | (207) | (52,548) |
Cash paid for equity method investment | (2,500) | 0 | 0 |
Proceeds from life insurance policies | 0 | 0 | 1,829 |
Proceeds from disposal of property, plant, and equipment | 375 | 219 | 1,927 |
Net cash used in investing activities | (61,179) | (31,967) | (56,808) |
Cash flows from financing activities | |||
Changes in floor plan financing, net | (35,460) | 9,728 | (8,181) |
Payments on revolving debt facility | 0 | (26,900) | (38,000) |
Payments for deferred financing fees | 0 | (1,130) | 0 |
Stock option exercises | 2,473 | 1,405 | 55 |
Tax payments for equity-based compensation | (4,032) | (3,039) | (1,687) |
Net cash used in financing activities | (37,019) | (19,936) | (47,813) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (5,987) | 256 | 3,850 |
Net increase in cash, cash equivalents, and restricted cash | 312,040 | 172,832 | 53,126 |
Cash, cash equivalents, and restricted cash at beginning of period | 435,413 | 262,581 | 209,455 |
Cash, cash equivalents, and restricted cash at end of period | 747,453 | 435,413 | 262,581 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 2,938 | 2,664 | 3,574 |
Cash paid for income taxes | $ 143,600 | $ 73,831 | $ 17,540 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance at Mar. 28, 2020 | $ 474,315 | $ (245) | $ 1,570 | $ 485,552 | $ (48) | $ (245) | $ (12,759) |
Beginning balance, shares at Mar. 28, 2020 | 56,665 | ||||||
Net income | $ 84,899 | 84,899 | |||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||
Equity-based compensation | $ 6,037 | 6,037 | |||||
Net common stock issued under equity-based compensation plans | (1,630) | $ (1) | 79 | (1,708) | |||
Net common stock issued under equity-based compensation plans, shares | (25) | ||||||
Foreign currency translation adjustments | 5,235 | 5,235 | |||||
Ending balance at Apr. 03, 2021 | 568,611 | $ 1,569 | 491,668 | 82,898 | (7,524) | ||
Ending balance, shares at Apr. 03, 2021 | 56,640 | ||||||
Net income | 248,044 | 248,044 | |||||
Equity-based compensation | 9,777 | 9,777 | |||||
Net common stock issued under equity-based compensation plans | (1,635) | $ 4 | 1,401 | (3,040) | |||
Net common stock issued under equity-based compensation plans, shares | 198 | ||||||
Foreign currency translation adjustments | 316 | 316 | |||||
Ending balance at Apr. 02, 2022 | 825,113 | $ 1,573 | 502,846 | 327,902 | (7,208) | ||
Ending balance, shares at Apr. 02, 2022 | 56,838 | ||||||
Net income | 401,802 | 401,802 | |||||
Equity-based compensation | 14,160 | 14,160 | |||||
Net common stock issued under equity-based compensation plans | (1,547) | $ 12 | 2,473 | (4,032) | |||
Net common stock issued under equity-based compensation plans, shares | 270 | ||||||
Foreign currency translation adjustments | (6,527) | (6,527) | |||||
Ending balance at Apr. 01, 2023 | $ 1,233,001 | $ 1,585 | $ 519,479 | $ 725,672 | $ (13,735) | ||
Ending balance, shares at Apr. 01, 2023 | 57,108 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 01, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Operations: The Company’s operations consist of manufacturing, retail, construction services, and transportation activities. At April 1, 2023 , the Company operated 38 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers throughout the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands. Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Accounting Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“US. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes thereto. Estimates made in preparing the accompanying consolidated financial statements include, but are not limited to, business combinations, reserves for obsolete inventory, accrued warranty costs, useful lives of fixed and intangible assets, asset impairment analyses, insurance reserves, legal reserves, repurchase reserves, share-based compensation and deferred tax valuation allowances. Actual results could differ from those estimates, making it reasonably possible that a change in these estimates could occur within one year. Fiscal Year: The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest March 31. Fiscal 2023 and 2022 include the 52-weeks ended April 1, 2023 and April 2, 2022, respectively. Fiscal 2021 includes the 53-weeks ended April 3, 2021 . Revenue Recognition: Revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs at a point in time through the transfer of control of promised goods to the Company's customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. Sales revenue is reported net of applicable sales tax. See Note 8, Revenue Recognition, for additional information. Cost of Sales: Cost of sales includes manufacturing costs such as: (i) materials; (ii) compensation and employee benefits for direct and indirect labor; (iii) fixed and variable manufacturing overhead costs; (iv) warranty costs; (v) inbound delivery costs; and (vi) depreciation of buildings and equipment. Manufacturing overhead costs include costs such as: (i) utilities; (ii) workers’ compensation and product liability self-insurance; (iii) real and personal property taxes on buildings and equipment; (iv) manufacturing supplies; (v) repairs and maintenance; and (vi) rents and leases for buildings and equipment. Cost of sales also includes certain post-manufacturing costs, to the extent such costs are the Company’s responsibility. Post-manufacturing costs may include delivery and setup, foundations, craning, roofing, exterior cladding, interior finishing, utility connections and other miscellaneous site costs. Generally, subcontractors are engaged to perform post-manufacturing activities. Selling, General, and Administrative Expenses: Selling, general, and administrative expenses (“SG&A”) include costs such as (i) salaries, wages, incentives and employee benefits for executive, management, sales, engineering, accounting, information technology (“IT”) and administrative employees; (ii) sales commissions; (iii) marketing and advertising costs; (iv) legal and professional fees; (v) depreciation, rents and leases for administrative facilities, office equipment, IT equipment and computer software; and (vi) postage, office supplies, travel and telephone expenses. Advertising Costs and Delivery Costs and Revenue : Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses. Total advertising expense was approximately $ 3.6 million , $ 1.8 million , and $ 1.7 million for fiscal 2023, 2022, and 2021 , respectively. Delivery costs are included in cost of sales and delivery revenue is included in net sales. Foreign Currency: Translation adjustments of the Company’s international subsidiaries for which the local currency is the functional currency are reflected in the accompanying consolidated balance sheets as a component of accumulated other comprehensive income or loss. F air Value: The Company estimates the fair value of its financial instruments in accordance with ASC 820, Fair Value Measurement , which establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As such, the fair value of financial instruments is estimated using available market information and other valuation methods. The Company groups assets and liabilities at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are: • Level 1—Fair value determined based on quoted prices in active markets for identical assets and liabilities. • Level 2—Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. • Level 3—Fair value determined using significant observable inputs, such as pricing models, discounted cash flows, or similar techniques. The Company records accounts receivable, accounts payable and other current liabilities at cost. The carrying value of these instruments approximate their fair value due to their short-term maturities. Cash and Cash Equivalents : Cash and cash equivalents include highly liquid investments that have original maturities less than 90 days at the time of their purchase. These investments are carried at cost, which approximates market value because of their short maturities. Allowance for Credit Losses: The Company extends credit terms on a customer-by-custo mer basis in the normal course of business and, as such, trade accounts receivable are subject to customary credit risk. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. At both April 1, 2023 and April 2, 2022, accounts receivable were reflected net of reserves of $ 1.7 million . Inventories : Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. Capitalized manufacturing costs include the cost of materials, labor and manufacturing overhead. Retail inventories of new manufactured homes built by the Company are valued at manufacturing cost, including materials, labor and manufacturing overhead, or net purchase price if acquired from unaffiliated third parties. Property, Plant, and Equipment : Property, plant, and equipment are stated at acquisition date cost. Depreciation is provided principally on the straight-line method, generally over the following estimated useful lives: land improvements— 3 to 10 years ; buildings and improvements— 8 to 25 years ; and vehicles and machinery and equipment— 3 to 8 years . At April 1, 2023 , the Company owned or leased eight i dle manufacturing facilities. The net book value of idle facilities was $ 10.5 million at April 1, 2023. These properties are accounted for as long-lived assets to be held and used. It is the Company’s policy to evaluate the recoverability of property, plant, and equipment whenever events and changes in circumstances indicate that the carrying amount of assets may not be recoverable. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. No impairment losses were recorded in fiscal 2023, 2022, or 2021. Leases: The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The Company has elected not to recognize any right of use asset or lease liability for leases with an initial term of 12 months or less and has elected not to separate lease and non-lease components. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. Assets held for sale: Long-lived assets expected to be sold or otherwise disposed of within one year are classified as assets held for sale and included in other current assets in the consolidated balance sheets. The Company had no assets classified as held for sale at April 1, 2023 and April 2, 2022. Goodwill : The Company tests goodwill for impairment in accordance with ASC 350. Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. In fiscal 2023 , the Company performed qualitative assessments of its reporting units. The annual assessment was completed on the first day of fiscal March. The assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any reporting units are at risk for impairment. Business combinations: The Company accounts for its business combinations in accordance with the accounting guidance in ASC 805. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. Amortizable Intangible Assets : Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Trade names were valued based upon the relief-from-royalty method and customer relationships were valued based upon the multi-period excess earnings method. Amortization is provided over the useful lives of the intangible assets, generally up to ten years , using the straight-line method. The recoverability of amortizable intangible assets is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recovered, in accordance with the recognition and measurement provisions of ASC 360. Unconsolidated affiliates: The Company analyzes its investments in non-wholly owned subsidiaries to determine whether they are unconsolidated affiliates, consolidated affiliates, or variable interest entities (“VIEs”) and, if so, whether the Company is the primary beneficiary in accordance with ASC 810 Consolidation. If the Company is determined to be the primary beneficiary, it must consolidate the VIE. In determining whether it is the primary beneficiary, the Company considers whether it has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The Company also considers whether it has the obligation to absorb losses of, or the right to receive benefits from, the VIE. The Company uses the equity method to account for its investment in a variable interest entity made in fiscal 2023 in which the Company is not deemed to be th e primary beneficiary. The Company's net investment in its unconsolidated affiliate was $ 2.5 million at April 1, 2023. Warranty Obligations : The Company’s manufactured housing operations generally provides the homebuyer with an assurance warranty from the date of respective purchase. Estimated warranty costs are accrued as cost of sales at the time of sale. Warranty provisions and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold by the manufacturing segment as of the balance sheet date. Factors used to calculate the warranty obligation include the estimated number of homes still under warranty, the timing of workorder completion, and the historical average costs incurred to service a home. Dealer Volume Rebates : The Company’s manufacturing operations sponsors volume rebate programs under which sales to retailers and builder/developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net sales. Repurchase Agreements: The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their agreement to pay the financial institution. The risk of loss from these agreements is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. The Company accounts for the guarantee under its repurchase agreements with the retailers’ financing institutions by estimating and deferring a portion of the related product sale that represents the estimated fair value of the guarantee. Accrued Self-Insurance : The Company is self-insured for a significant portion of its workers’ compensation, general and product liability, auto liability, health, and property insurance. Insurance coverage is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated claims incurred but not yet reported. At April 1, 2023 and April 2, 2022, the Company had gross reserves for estimated losses related to workers’ compensation obligations of $ 23.8 million and $ 19.8 million, respectively. The Company also recorded expected reimbursements for the portion of those losses above respective program limits of $ 11.0 millio n and $ 7.4 million at April 1, 2023 and April 2, 2022 , respectively. Equity-Based Compensation: Stock-based compensation is measured at the grant date based on the fair value of the award and is generally recognized as expense ratably on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are recognized in the period in which they occur. Comprehensive Income and Loss: Components of comprehensive income and loss are changes in equity other than those resulting from investments by owners and distributions to owners. The aggregate amount of such changes to equity that have not yet been recognized in net income or loss are reported in the equity section of the accompanying consolidated balance sheets as accumulated other comprehensive income or loss, net of tax. Income Taxes : The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. Recently Issued Accounting Pronouncements Pending Adoption: There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Apr. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | 2. Inventories, net The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) April 1, April 2, Raw materials $ 100,379 $ 141,238 Work in process 23,157 26,523 Finished goods and other 78,702 73,573 Total inventories $ 202,238 $ 241,334 At April 1, 2023 and April 2, 2022, reserves for obsolete inventory were $ 7.9 million and $ 4.8 million , respectively. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Apr. 01, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | 3. Property, Plant, and Equipment The components of property, plant, and equipment were as follows: (Dollars in thousands) April 1, April 2, Land and improvements $ 41,749 $ 39,815 Buildings and improvements 119,226 104,085 Machinery and equipment 91,007 69,518 Construction in progress 30,010 10,280 Property, plant, and equipment, at cost 281,992 223,698 Less accumulated depreciation ( 104,867 ) ( 90,713 ) Property, plant, and equipment, net $ 177,125 $ 132,985 Depreciation expense for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was $ 16.1 million , $ 13.4 million , and $ 12.1 million , respectively. |
Goodwill, Intangible Assets, an
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 12 Months Ended |
Apr. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets, and Cloud Computing Arrangements | 4. Goodwill, Intangible Assets, and Cloud Computing Arrangements Goodwill Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At April 1, 2023 and April 2, 2022, the Company had goodwill of $ 196.6 million and $ 192.0 million , respectively. Goodwill is allocated to reporting units included in the U.S. Factory-built Housing segment, which include the Company’s U.S. manufacturing and retail operations. The change in the goodwill balance for fiscal 2023 was the result of acquisitions during the period. At April 1, 2023 there are no accumulated impairment losses related to goodwill. Intangible Assets The components of amortizable intangible assets were as follows: (Dollars in thousands) April 1, 2023 April 2, 2022 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,013 $ 21,497 $ 87,510 $ 61,986 $ 21,419 $ 83,405 Accumulated amortization ( 32,103 ) ( 10,064 ) ( 42,167 ) ( 23,819 ) ( 8,303 ) ( 32,122 ) Amortizable intangibles, net $ 33,910 $ 11,433 $ 45,343 $ 38,167 $ 13,116 $ 51,283 Weighted average remaining amortization period, in years 5.4 6.3 5.6 6.8 6.9 6.8 Amortization of intangible assets for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was $ 10.6 million , $ 7.6 million , and $ 5.6 million respectively. Estimated amortization expense of intangible assets over the next five years is estimated to be (dollars in thousands): Fiscal 2024 $ 8,613 Fiscal 2025 7,388 Fiscal 2026 7,388 Fiscal 2027 7,346 Fiscal 2028 7,317 Cloud Computing Arrangements The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed software. At April 1, 2023 and April 2, 2022, the Company had capitalized cloud computing costs of $ 25.0 million and $ 20.5 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying consolidated balance sheets. Amortization of capitalized cloud computing costs was $ 0.8 million and $ 0.2 million for the fiscal year ended April 1, 2023 and April 2, 2022. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Apr. 01, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | 5. Other Current Liabilities The components of other current liabilities were as follows: (Dollars in thousands) April 1, April 2, Customer deposits $ 69,285 $ 67,396 Accrued volume rebates 25,084 23,505 Accrued warranty obligations 28,576 25,806 Accrued compensation and payroll taxes 41,422 64,888 Accrued insurance 15,075 13,569 Other 24,773 27,329 Total other current liabilities $ 204,215 $ 222,493 |
Accrued Warranty Obligations
Accrued Warranty Obligations | 12 Months Ended |
Apr. 01, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Accrued Warranty Obligations | 6. Accrued Warranty Obligations Changes in the accrued warranty obligations were as follows: Year Ended (Dollars in thousands) April 1, April 2, Balance at the beginning of the period $ 32,832 $ 30,469 Warranty expense 54,021 43,314 Cash warranty payments ( 50,892 ) ( 40,951 ) Balance at end of period 35,961 32,832 Less noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) Total current portion $ 28,576 $ 25,806 |
Debt and Floor Plan Payable
Debt and Floor Plan Payable | 12 Months Ended |
Apr. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Floor Plan Payable | 7. Debt and Floor Plan Payable Long-term debt consisted of the following: (Dollars in thousands) April 1, April 2, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430 On July 7, 2021, the Company entered into an Amended and Restated Credit Agreement with a syndicate of banks that provides for a revolving credit facility of up to $ 200.0 million, including a $ 45.0 million letter of credit sub-facility (“Amended Credit Agreement”). The Amended Credit Agreement replaced the Company’s previously existing $ 100.0 million revolving credit facility. Outstanding borrowings of $ 26.9 million on the Company’s previous revolving credit facility were repaid in July 2021. The Amended Credit Agreement allows the Company to draw down, repay and re-draw loans on the available funds during the term, subject to certain terms and conditions, matures in July 2026 and has no scheduled amortization. The Company capitalized $ 1.1 million of deferred financing fees associated with the Amended Credit Agreement, which is included in other noncurrent assets on the accompanying consolidated balance sheets. The Company wrote off $ 0.3 million of deferred financing fees associated with the previously existing credit facility, which is included in interest expense, net in fiscal 2022. The interest rate on borrowings under the Amended Credit Agreement is based on either LIBOR, or SOFR plus a Replacement Rate, plus an interest rate spread. The interest rate spread adjusts based on the consolidated total net leverage of the Company from a high of 1.875 % when the consolidated total net leverage ratio is equal to or greater than 2.25 :1.00, to a low of 1.125 % when the consolidated total net leverage ratio is below 0.50:1.00. Alternatively for same day borrowings, the interest rate is based on ABR plus an interest rate spread that ranges from a high of 0.875 % to a low of 0.125 % based on the consolidated total net leverage ratio. In addition, the Company is obligated to pay an unused line fee ranging between 0.15 % and 0.3 % depending on the consolidated total net leverage ratio, in respect of unused commitments under the Amended Credit Agreement. At April 1, 2023 the interest rate under the Credit Agreement was 6.04 % and letters of credit issued under the Credit Agreement totaled $ 32.1 million . Total available borrowings under the Credit Agreement were $ 167.9 million. Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at April 1, 2023 and April 2, 2022, including related costs and fees, was 5.76 % and 2.18 %, respectively. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029 and are secured by the assets of certain manufacturing facilities. The Amended Credit Agreement contains covenants that restrict the amount of additional debt, liens and certain payments, including equity buybacks, investments, dispositions, mergers and consolidations, among other restrictions as defined. The Company was in compliance with all covenants of the Amended Credit Agreement as of April 1, 2023. Floor Plan Payable The Company’s retail operations historically utilized floor plan financing to fund the acquisition of manufactured homes for display or resale. At April 2, 2022, the Company had outstanding borrowings on floor plan financing agreements of $ 35.5 million. All outstanding borrowings were repaid in the third quarter of fiscal 2023 and there were no outstanding borrowings at April 1, 2023. The financing arrangements allow for borrowings up to $ 43.0 million. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Apr. 01, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 8. Revenue Recognition The Company’s revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs with the transfer of control of products. The Company enters into contracts with its customers to provide manufactured homes, modular homes, park model RVs, ADUs, commercial structures and transportation services. Generally, the Company’s contracts may be terminated by the Company’s customers at any time prior to initiation of construction of the respective home. Historically, terminations of these contracts have been minimal. The Company receives signed sales quotes from its customers, which provide the terms for a specific home, including price. The Company also has agreements with certain customers that provide for certain variable consideration, such as volume discounts, that are deducted from the contract price and accrued at the time of sale. In certain situations, the Company may receive payment in advance of completion of its contractual obligations. In these situations, the arising contract liability is classified within customer deposits and receipts in excess of revenues. Following the receipt of the customer deposit, the Company typically completes its performance obligation within a twelve-month period. For sales to independent wholesale customers, revenue is recognized at the point in time when wholesale floor plan financing or retailer credit approval has been received, the home has shipped and title has transferred, which occurs when the Company has satisfied its contractual obligations and the control of its products has been transferred. The Company does not have an enforceable right to payment prior to shipment. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to in exchange for those products. The Company’s customers pay for products received in accordance with payment terms that are customary within the industry. As is customary in the factory-built housing industry, a significant portion of the Company’s sales to independent retailers are financed under floor plan financing programs with certain third-party lenders. Floor plan financing arrangements are generally identified prior to shipment of products and payment for sales financed under floor plan programs is generally received 5 to 10 business days from the date of invoice. For retail sales to consumers from Company-owned retail sales centers, revenue is recognized when the home has been delivered, set up and accepted by the consumer, and title has transferred. The Company recognizes revenue and related cost of sales for long-term construction contracts (“Commercial”) over time as performance obligations are satisfied using the percentage-of-completion method (input method). Management estimates the stage of completion on each construction project based on progress and costs incurred. Unbilled revenue on long-term construction contracts are classified as a contract asset in accounts receivable. Receipts in excess of billings are classified as contract liabilities and included in other current liabilities. At April 2, 2022 uncollected billings related to long-term construction contracts totaled $ 1.4 million. There were no uncollected billings related to long-term construction contracts at April 1, 2023 and no unbilled revenue or receipts in excess of billings for long-term contracts at either April 1, 2023 or April 2, 2022. Revenue for the Company’s transportation operations is recognized when a shipment has been delivered to its final destination. Amounts billed to customers related to shipping and handling costs are included in net sales. Shipping and handling costs are accounted for as fulfillment costs and are included in cost of sales. The following tables disaggregate the Company’s revenue by sales category: Year ended April 1, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 2,409,994 $ 144,289 $ — $ 2,554,283 Commercial 1,348 — — 1,348 Transportation — — 50,929 50,929 Total $ 2,411,342 $ 144,289 $ 50,929 $ 2,606,560 Year ended April 2, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,980,794 $ 159,124 $ — $ 2,139,918 Commercial 10,272 — — 10,272 Transportation — — 57,039 57,039 Total $ 1,991,066 $ 159,124 $ 57,039 $ 2,207,229 Year ended April 3, 2021 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,254,505 $ 101,328 $ — $ 1,355,833 Commercial 11,803 — — 11,803 Transportation — — 53,245 53,245 Total $ 1,266,308 $ 101,328 $ 53,245 $ 1,420,881 |
Leases
Leases | 12 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. Lease expense included in selling, general, and administrative expenses in the accompanying consolidated statement of operations is shown below: Year ended (Dollars in thousands) April 1, April 2, Operating lease expense $ 7,237 $ 6,621 Short-term lease expense 2,543 1,197 Total lease expense $ 9,780 $ 7,818 Operating lease assets and obligations included in the accompanying consolidated balance sheet are shown below: (Dollars in thousands) April 1, April 2, Right-of-use assets under operating leases: Other long-term assets $ 30,290 $ 11,171 Lease obligations under operating leases: Other current liabilities 6,917 4,618 Other long-term liabilities 23,373 6,553 Total lease obligation $ 30,290 $ 11,171 Maturities of operating lease obligations as of April 1, 2023 are shown below: (Dollars in thousands) April 1, Fiscal 2024 $ 8,675 Fiscal 2025 8,018 Fiscal 2026 7,093 Fiscal 2027 6,586 Fiscal 2028 4,052 Thereafter 1,292 Total undiscounted cash flows 35,716 Less: imputed interest ( 5,426 ) Lease obligations under operating leases $ 30,290 The weighted average lease term and discount rate for operating leases are shown below: April 1, Weighted average remaining lease term (in years) 4.8 Weighted average discount rate (as percent) 6.7 Other information related to leases is as follows: Year ended (Dollars in thousands) April 1, April 2, Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 19,908 $ 4,817 Operating cash flows: Cash paid related to operating lease obligations $ 7,305 $ 6,643 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes Pretax income for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was attributable to the following tax jurisdictions: Year Ended (Dollars in thousands) April 1, April 2, April 3, Domestic $ 499,715 $ 300,675 $ 92,832 Foreign 34,181 29,754 18,568 Income before income taxes $ 533,896 $ 330,429 $ 111,400 The income tax provision by jurisdiction for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was as follows: Year Ended (Dollars in thousands) April 1, April 2, April 3, Current: U.S. federal $ 98,242 $ 55,983 $ 13,094 Foreign 8,560 7,907 4,738 State 24,000 15,476 5,081 Total current $ 130,802 $ 79,366 $ 22,913 Deferred U.S. federal $ 78 $ 2,367 $ 2,853 Foreign 1,440 1,118 851 State ( 226 ) ( 466 ) ( 116 ) Total deferred $ 1,292 $ 3,019 $ 3,588 Total income tax expense $ 132,094 $ 82,385 $ 26,501 Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences: Year Ended (Dollars in thousands) April 1, April 2, April 3, Tax expense at U.S federal statutory rate $ 112,118 $ 69,390 $ 23,394 Increase (decrease) in rate resulting from: State taxes, net of U.S. federal benefit $ 18,956 $ 11,908 $ 3,969 Foreign tax rate differences 1,566 1,417 900 Recognition of foreign investment basis difference 1,249 1,076 616 Change in deferred tax valuation allowance ( 703 ) 189 1,343 U.S. tax credits ( 2,694 ) ( 2,296 ) ( 3,096 ) Other 1,602 701 ( 625 ) Total income tax expense $ 132,094 $ 82,385 $ 26,501 The U.S. income tax rate for fiscal 2023, 2022, and 2021 was 21 %. Deferred tax assets and liabilities at April 1, 2023 and April 2, 2022 consisted of the following: (Dollars in thousands) April 1, April 2, ASSETS Warranty reserves $ 8,889 $ 8,043 Intangible assets 8,763 9,833 Lease assets 7,487 2,774 Employee compensation 7,320 12,042 Foreign net operating loss carryforwards 6,343 6,470 Self-insurance reserves 5,851 5,396 Equity-based compensation 3,258 2,206 Dealer volume discounts 2,749 2,077 Inventory reserves and impairments 2,599 1,750 Other 3,987 6,032 Gross deferred tax assets $ 57,246 $ 56,623 LIABILITIES Property, plant, and equipment $ 13,367 $ 9,901 Lease liabilities 7,487 2,774 Intangible assets 5,974 7,834 Foreign tax basis difference in investments 5,964 5,124 Other 958 5,623 Gross deferred tax liabilities 33,750 31,256 Valuation allowance ( 12,038 ) ( 12,741 ) Net deferred tax assets $ 11,458 $ 12,626 The Company anticipates periodically repatriating the earnings of its Netherlands and Canadian subsidiaries. A deferred tax liability is recognized for income tax withholding which may be incurred upon the reversal of basis differences in investments in its foreign subsidiaries. The Company periodically evaluates the realizability of its deferred tax assets based on whether it is “more likely than not” that some portion of the deferred tax assets will not be realized. Our evaluation considers available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. The Company’s valuation allowance principally consists of valuation allowances for certain state NOL carryforwards, certain Canadian deferred tax assets, and the Company’s deferred tax assets in the Netherlands. As of April 1, 2023 , the Company has state NOL carryforwards in various jurisdictions which expire primarily in 2023 through 2042 . Unrecognized tax benefits represent the differences between tax positions taken or expected to be taken on a tax return and the benefits recognized for financial statement purposes. There were no unrecognized tax benefits at April 1, 2023 and April 2, 2022. The Company is no longer subject to foreign tax examinations by tax authorities for years prior to fiscal 2019. The Company’s U.S. subsidiaries are subject to U.S. federal tax examinations for fiscal 2020 through fiscal 2023 , and U.S. state tax examinations by tax authorities for fiscal 2019 through fiscal 2023. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Apr. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation | 11. Equity-Based Compensation The Company has equity incentive plans under which the Company has been authorized to grant share-based awards to key employees and non-employee directors. Equity-based compensation expense of $ 14.2 million, $ 9.8 million, and $ 6.0 million, was recognized in fiscal 2023, 2022, and 2021, respectively. Equity-based compensation expense is included in SG&A expenses in the accompanying consolidated statements of operations. The total associated income tax benefit recognized was $ 3.3 million , $ 2.8 million, and $ 1.0 million in fiscal 2023, 2022, and 2021, respectively. Total unrecognized equity-based compensation for all share-based awards was $ 29.8 million at April 1, 2023 , of which $ 13.1 million is expected to be recognized in fiscal 2024, $ 10.4 million in fiscal 2025, and $ 6.3 million thereafter, or a weighted-average period of 1.77 ye ars. Time-Vesting and Performance-Vesting Restricted Share Awards The Company granted awards to its officers, management employees, and certain members of the Board of Managers under an equity-classified management incentive plan (the “MIP”). In accordance with the provisions of the MIP, as modified on June 1, 2018, unvested units granted under the MIP were exchanged for unregistered, time-vesting restricted shares and performance-vesting restricted shares of the Company subject to stock restriction agreements (the “SRAs”). The exchange was accounted for as a modification. The fair value of the awards that vested during fiscal 2021 was $ 4.2 million. A summary of the activity associated with these awards is as follows, there was no activity in fiscal 2022 or 2023. (amounts in thousands) Time Based Restricted Share Awards Outstanding at March 28, 2020 145 Vested ( 145 ) Outstanding at April 3, 2021 — On September 26, 2018, the Company’s shareholders approved the Company’s 2018 Equity Incentive Plan (the “Equity Plan”) which provides for grants of options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other awards convertible into or otherwise based on shares of the Company’s common stock. General terms and methods of valuation for the Company’s share-based awards granted under the Equity Plan are described below. Stock Options Stock options generally have terms of 10 years, with one-third of each grant vesting each year for three years , and are assigned an exercise price that is equal to or greater than the closing market price of a share of the Company’s common stock on the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. When determining expected volatility, the Company considered volatility of guideline public companies. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options’ expected term. The expected term of the options is based on the time period to exercise for each vesting tranche, which is calculated based on the average of: (i) the full option contractual term; and (ii) the starting vest date. There were no stock options granted in fiscal 2023. A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at March 28, 2020 403 $ 26.29 Granted 138 $ 31.21 Exercised ( 5 ) $ 15.00 Outstanding at April 3, 2021 536 $ 27.50 Granted 13 $ 53.06 Exercised ( 61 ) $ 25.04 Forfeitures ( 1 ) $ 31.68 Outstanding at April 2, 2022 487 $ 28.50 Exercised ( 89 ) $ 27.64 Outstanding at April 1, 2023 398 $ 28.68 6.7 $ 18,525 Vested and expected to vest at April 1, 2023 398 $ 28.68 6.7 $ 18,525 Exercisable at April 1, 2023 343 $ 27.97 6.5 $ 16,223 The assumptions used in the Black-Scholes option-pricing model along with the weighted average grant date fair value for awards granted in the periods presented are as follows: Option Award Assumptions Fiscal 2022 Fiscal 2021 Weighted-average assumptions used: Expected volatility 50.0 % 45.0 % Dividend yield — — Risk-free interest rate 1.0 % 0.5 % Expected term, in years 6.00 6.00 Weighted average grant date fair value per share $ 25.29 $ 12.48 Performance Share Units In fiscal 2023 and 2022, the Company issued performance share units that contain market vesting conditions, performance vesting conditions, and service conditions. The performance condition is based on the Company's market share of single family home completions ("SFC Market Share"). The SFC Market Share component of the awards are valued at the market price of a share of the Company's common stock on the date of grant. The market condition is based on the Company’s total shareholder return (“TSR”) compared to the median TSR of certain companies over a three year performance period. The Company used a Monte-Carlo simulation to determine the grant date fair value for the awards, which takes into consideration the possible outcomes pertaining to the TSR market condition. Per the terms of the awards, 0 % to 200 % of the Company’s performance share units vest on the third anniversary of the vesting commencement date based upon achievement of the performance and market conditions as specified in the performance share unit agreement. In fiscal 2021 , the Company issued performance share units that contain market vesting conditions and service conditions. The market condition is based on the Company’s TSR compared to the median TSR of certain companies over a three year performance period. The Company used a Monte-Carlo simulation to determine the grant date fair value for the awards. Per the terms of the awards, 0 % to 150 % of the Company’s performance share units vest on the third anniversary of the vesting commencement date based upon achievement of the market condition as specified in the performance share unit agreement. A summary of the activity associated with these awards based on the maximum potential achievement is as follows: Shares (in thousands, Weighted Average Grant Date Fair Value Per Unit, at maximum achievement) (at maximum achievement) Outstanding at March 28, 2020 345 $ 9.23 Granted 92 $ 18.92 Outstanding at April 3, 2021 437 $ 11.27 Granted 188 $ 42.23 Vested ( 84 ) $ 6.38 Forfeitures ( 134 ) $ 3.01 Outstanding at April 2, 2022 407 $ 29.26 Granted 254 $ 42.17 Vested ( 128 ) $ 33.22 Forfeitures ( 3 ) $ 35.88 Outstanding at April 1, 2023 530 $ 26.20 The assumptions used in the Monte-Carlo simulation for the performance condition of performance share units along with the weighted-average grant date fair value for awards granted in the periods presented are as follows: Performance Unit Assumptions Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted-average assumptions used: Expected volatility 57.6 % 54.8 % 50.0 % Dividend yield — — — Risk-free interest rate 3.7 % 1.1 % 2.0 % Expected term, in years 3.00 2.98 3.00 Weighted average grant date fair value per share $ 84.34 $ 83.04 $ 28.38 Restricted Stock Units Restricted stock units are valued at the market price of a share of the Company’s common stock on the date of grant. In general, these awards have graded vesting conditions in which a portion of awards vest ratably in three equal installments on the anniversary of the vesting commencement date. The total fair value of restricted stock which vested was approximately $ 4.9 million, $ 8.0 million, and $ 2.5 million during fiscal 2023, 2022, and 2021, respectively. The weighted average grant date fair value for restricted stock units granted in fiscal 2023, 2022, and 2021 wa s $ 61.92 , $ 67.90 , and $ 28.33 , respectively. (units and shares in thousands) Restricted Stock Units Outstanding at March 30, 2019 194 Granted 87 Forfeitures ( 98 ) Outstanding at April 3, 2021 183 Granted 109 Vested ( 126 ) Forfeitures ( 1 ) Outstanding at April 2, 2022 165 Granted 267 Vested ( 91 ) Forfeitures ( 11 ) Outstanding at April 1, 2023 330 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Apr. 01, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. Earnings Per Share Basic net income per share (“EPS”) attributable to the Company was computed by dividing net income attributable to the Company by the average number of common shares outstanding during the period. Certain of the Company’s time-vesting restricted share awards are considered participating securities. Diluted earnings per common share is computed based on the more dilutive of: (i) the two-class method, assuming the participating securities are not exercised or converted; or (ii) the treasury stock method. During fiscal 2021, the two-class method was more dilutive. The two-class method was not applicable to the computation for fiscal 2023 or 2022 as the time-vested restricted share awards were fully vested and no longer considered participating securities. The following table sets forth the computation of basic and diluted earnings per common share: Year Ended (Dollars and shares in thousands, except per share data) April 1, April 2, April 3, Numerator: Net income $ 401,802 $ 248,044 $ 84,899 Undistributed earnings allocated to participating securities — — ( 77 ) Net income attributable to the Company's common shareholders $ 401,802 $ 248,044 $ 84,822 Denominator: Basic weighted average shares outstanding 56,987 56,816 56,648 Dilutive securities 408 490 325 Diluted weighted average shares outstanding 57,395 57,306 56,973 Basic net income per share: $ 7.05 $ 4.37 $ 1.50 Diluted net income per share: $ 7.00 $ 4.33 $ 1.49 Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below: Type of security (in thousands) April 1, April 2, April 3, Stock options 13 11 358 Restricted share units - 20 - Performance share units 93 20 - Total dilutive securities 106 51 358 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Apr. 01, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 13. Retirement Plans The Company’s U.S. subsidiary sponsors a defined contribution savings plan covering most U.S. employees. Full-time employees covered by the plan are eligible to participate. Participating employees may contribute from 1 % to 25 % of their compensation to the plan, with the Company matching 50 % of the first 6 % of pay contributed. The Company match vests after three years of employment or immediately for employees age 50 and over. The Company recognized expense o f $ 5.9 million , $ 4.2 million , and $ 2.6 million related to this plan during fiscal 2023, 2022, and 2021, respectively. Full-time employees of the Company’s subsidiaries in Canada are generally covered by employer-sponsored defined contribution plans that require employee contributions and employer matching contributions. The Company recognized expense of $ 0.7 million in both fiscal 2023 and 2022 and $ 0.5 million in fiscal 2021 . |
Segment Information
Segment Information | 12 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 14. Segment Information Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segment primarily based on net sales, before elimination of inter-company shipments, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and operating assets. The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs directly incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily include cash and certain deferred tax items not specifically allocated to another segment. Selected financial information by reportable segment was as follows: Year Ended (Dollars in thousands) April 1, April 2, April 3, Net sales: U.S. Factory-built Housing $ 2,411,342 $ 1,991,066 $ 1,266,308 Canadian Factory-built Housing 144,289 159,124 101,328 Corporate/Other 50,929 57,039 53,245 Consolidated net sales $ 2,606,560 $ 2,207,229 $ 1,420,881 Operating income: U.S. Factory-built Housing EBITDA $ 558,988 $ 360,978 $ 142,699 Canadian Factory-built Housing EBITDA 32,937 31,692 19,564 Corporate/Other EBITDA ( 46,280 ) ( 38,793 ) ( 29,911 ) Other income ( 634 ) ( 36 ) ( 5,889 ) Depreciation ( 16,085 ) ( 13,384 ) ( 12,087 ) Amortization ( 10,641 ) ( 7,552 ) ( 5,617 ) Consolidated operating income $ 518,285 $ 332,905 $ 108,759 Depreciation: U.S. Factory-built Housing $ 13,624 $ 10,823 $ 9,620 Canadian Factory-built Housing 1,228 1,111 860 Corporate/Other 1,233 1,450 1,607 Consolidated depreciation $ 16,085 $ 13,384 $ 12,087 Amortization of U.S. Factory-built Housing intangible assets: $ 10,641 $ 7,552 $ 5,617 Capital expenditures: U.S. Factory-built Housing $ 47,328 $ 29,133 $ 6,261 Canadian Factory-built Housing 4,189 1,419 1,034 Corporate/Other 727 1,427 721 Consolidated capital expenditures $ 52,244 $ 31,979 $ 8,016 (Dollars in thousands) April 1, April 2, Total Assets: U.S. Factory-built Housing (1) $ 708,573 $ 695,500 Canadian Factory-built Housing (1) 124,673 107,459 Corporate/Other (1) 729,478 431,660 Consolidated total assets $ 1,562,724 $ 1,234,619 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Commitments, Contingencies and
Commitments, Contingencies and Concentrations | 12 Months Ended |
Apr. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations | 15. Commitments, Contingencies, and Concentrations Repurchase Contingencies and Guarantees The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the manufactured housing industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their agreement to pay the financial institution. The risk of loss from these agreements is significantly reduced by the potential resale value of any products that are subject to repurchase and is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. Based on these repurchase agreements and our historical loss experience, we establish an associated loss reserve which was $ 2.5 million and $ 2.3 million at April 1, 2023 and April 2, 2022, respectively. Excluding the resale value of the homes, the contingent repurchase obligation as of April 1, 2023 was estimated to be approximately $ 386.6 million . Losses incurred on homes repurchased were immaterial during each of the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021. At April 1, 2023, the Company was contingently obligated for approximately $ 32.1 million under letters of credit, primarily consisting of $ 12.6 million to support long-term debt, $ 19.2 million to support the casualty insurance program, and $ 0.3 million to support bonding agreements. The letters of credit are issued under a sub-facility of the Credit Agreement. The Company was also contingently obligated for $ 31.0 million under surety bonds, which generally support performance on long-term construction contracts and license and service bonding requirements. The Company has received claims for damage related to water intrusion in homes built in one of its manufacturing facilities. The Company is investigating the cause of the damage and assessing its responsibility to remediate. While it is reasonably possible that the Company will receive future claims that could result in additional costs to repair that could be significant in the aggregate, the Company is unable to estimate the number of such claims or the amount or range of any potential losses associated with such claims at this time. In the normal course of business, the Company’s former subsidiaries that operated in the United Kingdom historically provided certain guarantees to two customers. Those guarantees provide contractual liability for proven construction defects up to 12 years from the date of delivery of certain products. The guarantees remain a contingent liability of the Company which declines over time through October 2027. As of the date of this report, the Company expects few, if any, claims to be reported under the terms of the guarantees. Legal Proceedings The Company has agreed to indemnify counterparties in the ordinary course of its business in agreements to acquire and sell business assets and in financing arrangements. The Company is subject to various legal proceedings and claims that arise in the ordinary course of its business. As of the date of this filing, the Company believes the ultimate liability with respect to these contingent obligations will not have, either individually or in the aggregate, a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Concentrations The components and products used in the factory-built housing operations are presently available from a variety of vendors, and the Company is not dependent upon any single supplier. Prices of certain materials, such as lumber, insulation, steel and drywall, can fluctuate significantly due to changes in demand and supply. Additionally, availability of certain materials, such as drywall and insulation, has sometimes been limited, resulting in higher prices and/or the need to find alternative suppliers. The Company generally has been able to pass higher material costs on to its customers in the form of surcharges and price increases. Sales from the Company's Canadian operations were approximately 6 % of consolidated sales for fiscal 2023 , and 7 % in fiscal 2022, 2021. The Company’s net assets in Canada totaled approximately $ 124.7 million and $ 107.5 million at April 1, 2023 and April 2, 2022, respectively. The Company has approximately 7,700 employees. The Company’s manufacturing facilities in Canada employ approximately 750 workers, and most of the workers belong to trade associations that operate under collective bargaining agreements. There are five collective bargaining agreements (one for each Canadian manufacturing facility) and each have separate expiration dates. The agreements are set to expire at various dates between November 2023 and December 2025. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 01, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Balance at Beginning of Period Additions Deductions Other Balance at End of Period Fiscal Year Ended April 1, 2023: Allowance for doubtful accounts $ 1.7 $ 0.3 $ ( 0.3 ) $ - $ 1.7 Valuation allowance for deferred taxes 12.7 ( 0.3 ) ( 0.2 ) ( 0.2 ) 12.0 Fiscal Year Ended April 2, 2022: Allowance for doubtful accounts $ 0.4 $ 1.4 $ ( 0.1 ) $ - $ 1.7 Valuation allowance for deferred taxes 12.6 0.2 ( 0.1 ) - 12.7 Fiscal Year Ended April 3, 2021: Allowance for doubtful accounts $ 0.4 $ 0.2 $ ( 0.2 ) $ - $ 0.4 Valuation allowance for deferred taxes 11.2 1.4 - - 12.6 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 01, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: The Company’s operations consist of manufacturing, retail, construction services, and transportation activities. At April 1, 2023 , the Company operated 38 manufacturing facilities throughout the United States (“U.S.”) and five manufacturing facilities in western Canada that primarily construct factory-built, timber-framed manufactured and modular houses that are sold primarily to independent retailers, builders/developers, and manufactured home community operators. The Company’s retail operations consist of 31 sales centers that sell manufactured houses to consumers throughout the U.S. The Company’s transportation business engages independent owners/drivers to transport recreational vehicles throughout the U.S. and Canada and manufactured houses in certain regions of the U.S. The Company also has a holding company located in the Netherlands. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Accounting Estimates | Accounting Estimates: The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“US. GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes thereto. Estimates made in preparing the accompanying consolidated financial statements include, but are not limited to, business combinations, reserves for obsolete inventory, accrued warranty costs, useful lives of fixed and intangible assets, asset impairment analyses, insurance reserves, legal reserves, repurchase reserves, share-based compensation and deferred tax valuation allowances. Actual results could differ from those estimates, making it reasonably possible that a change in these estimates could occur within one year. |
Fiscal Year | Fiscal Year: The Company’s fiscal year is a 52- or 53-week period that ends on the Saturday nearest March 31. Fiscal 2023 and 2022 include the 52-weeks ended April 1, 2023 and April 2, 2022, respectively. Fiscal 2021 includes the 53-weeks ended April 3, 2021 . |
Revenue Recognition | Revenue Recognition: Revenue is recognized when performance obligations under the terms of a contract are satisfied which generally occurs at a point in time through the transfer of control of promised goods to the Company's customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance. Sales revenue is reported net of applicable sales tax. See Note 8, Revenue Recognition, for additional information. |
Cost of Sales | Cost of Sales: Cost of sales includes manufacturing costs such as: (i) materials; (ii) compensation and employee benefits for direct and indirect labor; (iii) fixed and variable manufacturing overhead costs; (iv) warranty costs; (v) inbound delivery costs; and (vi) depreciation of buildings and equipment. Manufacturing overhead costs include costs such as: (i) utilities; (ii) workers’ compensation and product liability self-insurance; (iii) real and personal property taxes on buildings and equipment; (iv) manufacturing supplies; (v) repairs and maintenance; and (vi) rents and leases for buildings and equipment. Cost of sales also includes certain post-manufacturing costs, to the extent such costs are the Company’s responsibility. Post-manufacturing costs may include delivery and setup, foundations, craning, roofing, exterior cladding, interior finishing, utility connections and other miscellaneous site costs. Generally, subcontractors are engaged to perform post-manufacturing activities. |
Selling, General and Administrative Expenses | Selling, General, and Administrative Expenses: Selling, general, and administrative expenses (“SG&A”) include costs such as (i) salaries, wages, incentives and employee benefits for executive, management, sales, engineering, accounting, information technology (“IT”) and administrative employees; (ii) sales commissions; (iii) marketing and advertising costs; (iv) legal and professional fees; (v) depreciation, rents and leases for administrative facilities, office equipment, IT equipment and computer software; and (vi) postage, office supplies, travel and telephone expenses. |
Advertising Costs and Delivery Costs and Revenue | Advertising Costs and Delivery Costs and Revenue : Advertising costs are expensed as incurred and are included in selling, general, and administrative expenses. Total advertising expense was approximately $ 3.6 million , $ 1.8 million , and $ 1.7 million for fiscal 2023, 2022, and 2021 , respectively. Delivery costs are included in cost of sales and delivery revenue is included in net sales. |
Foreign Currency | Foreign Currency: Translation adjustments of the Company’s international subsidiaries for which the local currency is the functional currency are reflected in the accompanying consolidated balance sheets as a component of accumulated other comprehensive income or loss. |
Fair Value | air Value: The Company estimates the fair value of its financial instruments in accordance with ASC 820, Fair Value Measurement , which establishes a fair value hierarchy and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. As such, the fair value of financial instruments is estimated using available market information and other valuation methods. The Company groups assets and liabilities at fair value in three levels, based on the inputs and assumptions used to determine fair value. These levels are: • Level 1—Fair value determined based on quoted prices in active markets for identical assets and liabilities. • Level 2—Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active. • Level 3—Fair value determined using significant observable inputs, such as pricing models, discounted cash flows, or similar techniques. The Company records accounts receivable, accounts payable and other current liabilities at cost. The carrying value of these instruments approximate their fair value due to their short-term maturities. |
Cash and Cash Equivalents | Cash and Cash Equivalents : Cash and cash equivalents include highly liquid investments that have original maturities less than 90 days at the time of their purchase. These investments are carried at cost, which approximates market value because of their short maturities. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Allowance for Credit Losses: The Company extends credit terms on a customer-by-custo mer basis in the normal course of business and, as such, trade accounts receivable are subject to customary credit risk. The Company’s allowance for credit losses on financial assets measured at amortized cost reflects management’s estimate of credit losses over the remaining expected life of such assets, measured primarily using historical experience, as well as current economic conditions and forecasts that affect the collectability of the reported amount. Expected credit losses for newly recognized financial assets, as well as changes to expected credit losses during the period, are recognized in earnings. At both April 1, 2023 and April 2, 2022, accounts receivable were reflected net of reserves of $ 1.7 million . |
Inventories | Inventories : Inventories are stated at the lower of cost or net realizable value, with cost determined under the first-in, first-out method. Capitalized manufacturing costs include the cost of materials, labor and manufacturing overhead. Retail inventories of new manufactured homes built by the Company are valued at manufacturing cost, including materials, labor and manufacturing overhead, or net purchase price if acquired from unaffiliated third parties. |
Property, Plant, and Equipment | Property, Plant, and Equipment : Property, plant, and equipment are stated at acquisition date cost. Depreciation is provided principally on the straight-line method, generally over the following estimated useful lives: land improvements— 3 to 10 years ; buildings and improvements— 8 to 25 years ; and vehicles and machinery and equipment— 3 to 8 years . At April 1, 2023 , the Company owned or leased eight i dle manufacturing facilities. The net book value of idle facilities was $ 10.5 million at April 1, 2023. These properties are accounted for as long-lived assets to be held and used. It is the Company’s policy to evaluate the recoverability of property, plant, and equipment whenever events and changes in circumstances indicate that the carrying amount of assets may not be recoverable. If impairment indicators exist, the Company performs the required impairment analysis by comparing the undiscounted cash flows expected to be generated from the long-lived assets to the related net book values. If the net book value exceeds the undiscounted cash flows, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived assets. Fair value is estimated based upon a combination of market and cost approaches, as appropriate. No impairment losses were recorded in fiscal 2023, 2022, or 2021. |
Leases | Leases: The Company has operating leases for land, manufacturing and office facilities, and equipment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such option. The Company's leases do not contain material residual value guarantees or material restrictive covenants. Operating lease expense is recognized on a straight-line basis over the lease terms. The Company has elected not to recognize any right of use asset or lease liability for leases with an initial term of 12 months or less and has elected not to separate lease and non-lease components. The discount rate used to measure a lease obligation should be the rate implicit in the lease; however, the Company’s operating leases generally do not provide an implicit rate. Accordingly, the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate is an entity-specific rate which represents the rate of interest a lessee would pay to borrow on a collateralized basis over a similar term with similar payments. |
Assets Held for Sale | Assets held for sale: Long-lived assets expected to be sold or otherwise disposed of within one year are classified as assets held for sale and included in other current assets in the consolidated balance sheets. The Company had no assets classified as held for sale at April 1, 2023 and April 2, 2022. |
Goodwill | Goodwill : The Company tests goodwill for impairment in accordance with ASC 350. Goodwill is not amortized but is tested for impairment on at least an annual basis. Impairment testing is required more often than annually if an event or circumstance indicates that an impairment is more likely than not to have occurred. In conducting its annual impairment testing, the Company may first perform a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If not, no further goodwill impairment testing is required. If it is more likely than not that a reporting unit’s fair value is less than its carrying amount, or if the Company elects not to perform a qualitative assessment of a reporting unit, the Company then compares the fair value of the reporting unit to the related net book value. If the net book value of a reporting unit exceeds its fair value, an impairment loss is measured and recognized. In fiscal 2023 , the Company performed qualitative assessments of its reporting units. The annual assessment was completed on the first day of fiscal March. The assessment indicated that it was more likely than not that the fair value of each of the reporting units exceeded its respective carrying value. The Company does not believe that any reporting units are at risk for impairment. |
Business Combinations | Business combinations: The Company accounts for its business combinations in accordance with the accounting guidance in ASC 805. The purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management’s judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. In May 2022, the Company acquired certain operating assets from Manis Custom Builders, Inc. ("Manis"). In July 2022, the Company acquired 12 Factory Expo retail sales centers from Alta Cima Corporation. The purchase price and net assets acquired for both transactions were not material to the accompanying condensed consolidated financial statements. |
Amortizable Intangible Assets | Amortizable Intangible Assets : Amortizable intangible assets consist primarily of fair values assigned to customer relationships and trade names. Trade names were valued based upon the relief-from-royalty method and customer relationships were valued based upon the multi-period excess earnings method. Amortization is provided over the useful lives of the intangible assets, generally up to ten years , using the straight-line method. The recoverability of amortizable intangible assets is evaluated whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recovered, in accordance with the recognition and measurement provisions of ASC 360. Unconsolidated affiliates: The Company analyzes its investments in non-wholly owned subsidiaries to determine whether they are unconsolidated affiliates, consolidated affiliates, or variable interest entities (“VIEs”) and, if so, whether the Company is the primary beneficiary in accordance with ASC 810 Consolidation. If the Company is determined to be the primary beneficiary, it must consolidate the VIE. In determining whether it is the primary beneficiary, the Company considers whether it has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance. The Company also considers whether it has the obligation to absorb losses of, or the right to receive benefits from, the VIE. The Company uses the equity method to account for its investment in a variable interest entity made in fiscal 2023 in which the Company is not deemed to be th e primary beneficiary. The Company's net investment in its unconsolidated affiliate was $ 2.5 million at April 1, 2023. |
Warranty Obligations | Warranty Obligations : The Company’s manufactured housing operations generally provides the homebuyer with an assurance warranty from the date of respective purchase. Estimated warranty costs are accrued as cost of sales at the time of sale. Warranty provisions and reserves are based on estimates of the amounts necessary to settle existing and future claims on homes sold by the manufacturing segment as of the balance sheet date. Factors used to calculate the warranty obligation include the estimated number of homes still under warranty, the timing of workorder completion, and the historical average costs incurred to service a home. |
Dealer Volume Rebates | Dealer Volume Rebates : The Company’s manufacturing operations sponsors volume rebate programs under which sales to retailers and builder/developers can qualify for cash rebates generally based on the level of sales attained during a twelve-month period. Volume rebates are accrued at the time of sale and are recorded as a reduction of net sales. |
Repurchase Agreements | Repurchase Agreements: The Company is contingently liable under terms of repurchase agreements with lending institutions that provide wholesale floor plan financing to retailers. These arrangements, which are customary in the industry, provide for the repurchase of products sold to retailers in the event of default by the retailer on their agreement to pay the financial institution. The risk of loss from these agreements is spread over numerous retailers. The repurchase price is generally determined by the original sales price of the product less contractually defined curtailment payments. The Company accounts for the guarantee under its repurchase agreements with the retailers’ financing institutions by estimating and deferring a portion of the related product sale that represents the estimated fair value of the guarantee. |
Accrued Self-Insurance | Accrued Self-Insurance : The Company is self-insured for a significant portion of its workers’ compensation, general and product liability, auto liability, health, and property insurance. Insurance coverage is maintained for catastrophic exposures and those risks required to be insured by law. Estimated self-insurance costs are accrued for incurred claims and estimated claims incurred but not yet reported. At April 1, 2023 and April 2, 2022, the Company had gross reserves for estimated losses related to workers’ compensation obligations of $ 23.8 million and $ 19.8 million, respectively. The Company also recorded expected reimbursements for the portion of those losses above respective program limits of $ 11.0 millio n and $ 7.4 million at April 1, 2023 and April 2, 2022 , respectively. |
Equity-Based Compensation | Equity-Based Compensation: Stock-based compensation is measured at the grant date based on the fair value of the award and is generally recognized as expense ratably on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. Forfeitures are recognized in the period in which they occur. |
Comprehensive Income and Loss | Comprehensive Income and Loss: Components of comprehensive income and loss are changes in equity other than those resulting from investments by owners and distributions to owners. The aggregate amount of such changes to equity that have not yet been recognized in net income or loss are reported in the equity section of the accompanying consolidated balance sheets as accumulated other comprehensive income or loss, net of tax. |
Income Taxes | Income Taxes : The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial statement amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is primarily dependent upon the generation of future taxable income. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, judgment is required. |
Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements Pending Adoption: There were no accounting standards recently issued that are expected to have a material impact on the Company’s financial position or results of operations. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Components of Inventory, Net of Reserves for Obsolete Inventory | The components of inventory, net of reserves for obsolete inventory, were as follows: (Dollars in thousands) April 1, April 2, Raw materials $ 100,379 $ 141,238 Work in process 23,157 26,523 Finished goods and other 78,702 73,573 Total inventories $ 202,238 $ 241,334 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Components of Property, Plant, and Equipment | The components of property, plant, and equipment were as follows: (Dollars in thousands) April 1, April 2, Land and improvements $ 41,749 $ 39,815 Buildings and improvements 119,226 104,085 Machinery and equipment 91,007 69,518 Construction in progress 30,010 10,280 Property, plant, and equipment, at cost 281,992 223,698 Less accumulated depreciation ( 104,867 ) ( 90,713 ) Property, plant, and equipment, net $ 177,125 $ 132,985 |
Goodwill, Intangible Assets, _2
Goodwill, Intangible Assets, and Cloud Computing Arrangements (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Amortizable Intangible Assets | The components of amortizable intangible assets were as follows: (Dollars in thousands) April 1, 2023 April 2, 2022 Customer Trade Total Customer Trade Total Gross carrying amount $ 66,013 $ 21,497 $ 87,510 $ 61,986 $ 21,419 $ 83,405 Accumulated amortization ( 32,103 ) ( 10,064 ) ( 42,167 ) ( 23,819 ) ( 8,303 ) ( 32,122 ) Amortizable intangibles, net $ 33,910 $ 11,433 $ 45,343 $ 38,167 $ 13,116 $ 51,283 Weighted average remaining amortization period, in years 5.4 6.3 5.6 6.8 6.9 6.8 |
Summary of Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of intangible assets over the next five years is estimated to be (dollars in thousands): Fiscal 2024 $ 8,613 Fiscal 2025 7,388 Fiscal 2026 7,388 Fiscal 2027 7,346 Fiscal 2028 7,317 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Current Liabilities | The components of other current liabilities were as follows: (Dollars in thousands) April 1, April 2, Customer deposits $ 69,285 $ 67,396 Accrued volume rebates 25,084 23,505 Accrued warranty obligations 28,576 25,806 Accrued compensation and payroll taxes 41,422 64,888 Accrued insurance 15,075 13,569 Other 24,773 27,329 Total other current liabilities $ 204,215 $ 222,493 |
Accrued Warranty Obligations (T
Accrued Warranty Obligations (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Guarantees and Product Warranties [Abstract] | |
Summary of Changes in Accrued Warranty Obligations | Changes in the accrued warranty obligations were as follows: Year Ended (Dollars in thousands) April 1, April 2, Balance at the beginning of the period $ 32,832 $ 30,469 Warranty expense 54,021 43,314 Cash warranty payments ( 50,892 ) ( 40,951 ) Balance at end of period 35,961 32,832 Less noncurrent portion in other long-term liabilities ( 7,385 ) ( 7,026 ) Total current portion $ 28,576 $ 25,806 |
Debt and Floor Plan Payable (Ta
Debt and Floor Plan Payable (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | Long-term debt consisted of the following: (Dollars in thousands) April 1, April 2, Obligations under industrial revenue bonds due 2029 $ 12,430 $ 12,430 Revolving credit facility maturing in 2026 — — Total long-term debt $ 12,430 $ 12,430 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Corporate Net Sales | The following tables disaggregate the Company’s revenue by sales category: Year ended April 1, 2023 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 2,409,994 $ 144,289 $ — $ 2,554,283 Commercial 1,348 — — 1,348 Transportation — — 50,929 50,929 Total $ 2,411,342 $ 144,289 $ 50,929 $ 2,606,560 Year ended April 2, 2022 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,980,794 $ 159,124 $ — $ 2,139,918 Commercial 10,272 — — 10,272 Transportation — — 57,039 57,039 Total $ 1,991,066 $ 159,124 $ 57,039 $ 2,207,229 Year ended April 3, 2021 (Dollars in thousands) U.S. Canadian Corporate/ Total Manufacturing and retail $ 1,254,505 $ 101,328 $ — $ 1,355,833 Commercial 11,803 — — 11,803 Transportation — — 53,245 53,245 Total $ 1,266,308 $ 101,328 $ 53,245 $ 1,420,881 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Leases [Abstract] | |
Summary of Lease Expense Included in Consolidated Statement of Operations | Lease expense included in selling, general, and administrative expenses in the accompanying consolidated statement of operations is shown below: Year ended (Dollars in thousands) April 1, April 2, Operating lease expense $ 7,237 $ 6,621 Short-term lease expense 2,543 1,197 Total lease expense $ 9,780 $ 7,818 |
Schedule of Operating Lease Assets Included in Consolidated Balance Sheet | Operating lease assets and obligations included in the accompanying consolidated balance sheet are shown below: (Dollars in thousands) April 1, April 2, Right-of-use assets under operating leases: Other long-term assets $ 30,290 $ 11,171 Lease obligations under operating leases: Other current liabilities 6,917 4,618 Other long-term liabilities 23,373 6,553 Total lease obligation $ 30,290 $ 11,171 |
Summary of Maturities of Lease Obligations | Maturities of operating lease obligations as of April 1, 2023 are shown below: (Dollars in thousands) April 1, Fiscal 2024 $ 8,675 Fiscal 2025 8,018 Fiscal 2026 7,093 Fiscal 2027 6,586 Fiscal 2028 4,052 Thereafter 1,292 Total undiscounted cash flows 35,716 Less: imputed interest ( 5,426 ) Lease obligations under operating leases $ 30,290 |
Schedule of Weighted Average Remaining Lease Term and Discount Rate | The weighted average lease term and discount rate for operating leases are shown below: April 1, Weighted average remaining lease term (in years) 4.8 Weighted average discount rate (as percent) 6.7 |
Schedule of Other Information Related to Leases | Other information related to leases is as follows: Year ended (Dollars in thousands) April 1, April 2, Non-cash activity: Right-of-use assets obtained in exchange for operating lease obligations $ 19,908 $ 4,817 Operating cash flows: Cash paid related to operating lease obligations $ 7,305 $ 6,643 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Pretax Income | Pretax income for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was attributable to the following tax jurisdictions: Year Ended (Dollars in thousands) April 1, April 2, April 3, Domestic $ 499,715 $ 300,675 $ 92,832 Foreign 34,181 29,754 18,568 Income before income taxes $ 533,896 $ 330,429 $ 111,400 |
Schedule of Income Tax Provision by Jurisdiction | The income tax provision by jurisdiction for the fiscal years ended April 1, 2023, April 2, 2022, and April 3, 2021 was as follows: Year Ended (Dollars in thousands) April 1, April 2, April 3, Current: U.S. federal $ 98,242 $ 55,983 $ 13,094 Foreign 8,560 7,907 4,738 State 24,000 15,476 5,081 Total current $ 130,802 $ 79,366 $ 22,913 Deferred U.S. federal $ 78 $ 2,367 $ 2,853 Foreign 1,440 1,118 851 State ( 226 ) ( 466 ) ( 116 ) Total deferred $ 1,292 $ 3,019 $ 3,588 Total income tax expense $ 132,094 $ 82,385 $ 26,501 |
Schedule of Income Tax Expense | Income tax expense differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income before income taxes as a result of the following differences: Year Ended (Dollars in thousands) April 1, April 2, April 3, Tax expense at U.S federal statutory rate $ 112,118 $ 69,390 $ 23,394 Increase (decrease) in rate resulting from: State taxes, net of U.S. federal benefit $ 18,956 $ 11,908 $ 3,969 Foreign tax rate differences 1,566 1,417 900 Recognition of foreign investment basis difference 1,249 1,076 616 Change in deferred tax valuation allowance ( 703 ) 189 1,343 U.S. tax credits ( 2,694 ) ( 2,296 ) ( 3,096 ) Other 1,602 701 ( 625 ) Total income tax expense $ 132,094 $ 82,385 $ 26,501 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at April 1, 2023 and April 2, 2022 consisted of the following: (Dollars in thousands) April 1, April 2, ASSETS Warranty reserves $ 8,889 $ 8,043 Intangible assets 8,763 9,833 Lease assets 7,487 2,774 Employee compensation 7,320 12,042 Foreign net operating loss carryforwards 6,343 6,470 Self-insurance reserves 5,851 5,396 Equity-based compensation 3,258 2,206 Dealer volume discounts 2,749 2,077 Inventory reserves and impairments 2,599 1,750 Other 3,987 6,032 Gross deferred tax assets $ 57,246 $ 56,623 LIABILITIES Property, plant, and equipment $ 13,367 $ 9,901 Lease liabilities 7,487 2,774 Intangible assets 5,974 7,834 Foreign tax basis difference in investments 5,964 5,124 Other 958 5,623 Gross deferred tax liabilities 33,750 31,256 Valuation allowance ( 12,038 ) ( 12,741 ) Net deferred tax assets $ 11,458 $ 12,626 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Activity Associated with Awards | A summary of the activity associated with these awards is as follows, there was no activity in fiscal 2022 or 2023. (amounts in thousands) Time Based Restricted Share Awards Outstanding at March 28, 2020 145 Vested ( 145 ) Outstanding at April 3, 2021 — |
Summary of Stock Options Activity | A summary of the activity associated with these awards is as follows: Shares (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at March 28, 2020 403 $ 26.29 Granted 138 $ 31.21 Exercised ( 5 ) $ 15.00 Outstanding at April 3, 2021 536 $ 27.50 Granted 13 $ 53.06 Exercised ( 61 ) $ 25.04 Forfeitures ( 1 ) $ 31.68 Outstanding at April 2, 2022 487 $ 28.50 Exercised ( 89 ) $ 27.64 Outstanding at April 1, 2023 398 $ 28.68 6.7 $ 18,525 Vested and expected to vest at April 1, 2023 398 $ 28.68 6.7 $ 18,525 Exercisable at April 1, 2023 343 $ 27.97 6.5 $ 16,223 |
Summary of Performance Share Units Activity | A summary of the activity associated with these awards based on the maximum potential achievement is as follows: Shares (in thousands, Weighted Average Grant Date Fair Value Per Unit, at maximum achievement) (at maximum achievement) Outstanding at March 28, 2020 345 $ 9.23 Granted 92 $ 18.92 Outstanding at April 3, 2021 437 $ 11.27 Granted 188 $ 42.23 Vested ( 84 ) $ 6.38 Forfeitures ( 134 ) $ 3.01 Outstanding at April 2, 2022 407 $ 29.26 Granted 254 $ 42.17 Vested ( 128 ) $ 33.22 Forfeitures ( 3 ) $ 35.88 Outstanding at April 1, 2023 530 $ 26.20 |
Summary of Restricted Share Units and Restricted Share Awards Activity | (units and shares in thousands) Restricted Stock Units Outstanding at March 30, 2019 194 Granted 87 Forfeitures ( 98 ) Outstanding at April 3, 2021 183 Granted 109 Vested ( 126 ) Forfeitures ( 1 ) Outstanding at April 2, 2022 165 Granted 267 Vested ( 91 ) Forfeitures ( 11 ) Outstanding at April 1, 2023 330 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value | The assumptions used in the Black-Scholes option-pricing model along with the weighted average grant date fair value for awards granted in the periods presented are as follows: Option Award Assumptions Fiscal 2022 Fiscal 2021 Weighted-average assumptions used: Expected volatility 50.0 % 45.0 % Dividend yield — — Risk-free interest rate 1.0 % 0.5 % Expected term, in years 6.00 6.00 Weighted average grant date fair value per share $ 25.29 $ 12.48 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value | The assumptions used in the Monte-Carlo simulation for the performance condition of performance share units along with the weighted-average grant date fair value for awards granted in the periods presented are as follows: Performance Unit Assumptions Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted-average assumptions used: Expected volatility 57.6 % 54.8 % 50.0 % Dividend yield — — — Risk-free interest rate 3.7 % 1.1 % 2.0 % Expected term, in years 3.00 2.98 3.00 Weighted average grant date fair value per share $ 84.34 $ 83.04 $ 28.38 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Year Ended (Dollars and shares in thousands, except per share data) April 1, April 2, April 3, Numerator: Net income $ 401,802 $ 248,044 $ 84,899 Undistributed earnings allocated to participating securities — — ( 77 ) Net income attributable to the Company's common shareholders $ 401,802 $ 248,044 $ 84,822 Denominator: Basic weighted average shares outstanding 56,987 56,816 56,648 Dilutive securities 408 490 325 Diluted weighted average shares outstanding 57,395 57,306 56,973 Basic net income per share: $ 7.05 $ 4.37 $ 1.50 Diluted net income per share: $ 7.00 $ 4.33 $ 1.49 |
Schedule of Antidilutive Securities | Securities that could potentially dilute basic EPS in the future that were considered antidilutive in the periods presented are shown below: Type of security (in thousands) April 1, April 2, April 3, Stock options 13 11 358 Restricted share units - 20 - Performance share units 93 20 - Total dilutive securities 106 51 358 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 01, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segments | Selected financial information by reportable segment was as follows: Year Ended (Dollars in thousands) April 1, April 2, April 3, Net sales: U.S. Factory-built Housing $ 2,411,342 $ 1,991,066 $ 1,266,308 Canadian Factory-built Housing 144,289 159,124 101,328 Corporate/Other 50,929 57,039 53,245 Consolidated net sales $ 2,606,560 $ 2,207,229 $ 1,420,881 Operating income: U.S. Factory-built Housing EBITDA $ 558,988 $ 360,978 $ 142,699 Canadian Factory-built Housing EBITDA 32,937 31,692 19,564 Corporate/Other EBITDA ( 46,280 ) ( 38,793 ) ( 29,911 ) Other income ( 634 ) ( 36 ) ( 5,889 ) Depreciation ( 16,085 ) ( 13,384 ) ( 12,087 ) Amortization ( 10,641 ) ( 7,552 ) ( 5,617 ) Consolidated operating income $ 518,285 $ 332,905 $ 108,759 Depreciation: U.S. Factory-built Housing $ 13,624 $ 10,823 $ 9,620 Canadian Factory-built Housing 1,228 1,111 860 Corporate/Other 1,233 1,450 1,607 Consolidated depreciation $ 16,085 $ 13,384 $ 12,087 Amortization of U.S. Factory-built Housing intangible assets: $ 10,641 $ 7,552 $ 5,617 Capital expenditures: U.S. Factory-built Housing $ 47,328 $ 29,133 $ 6,261 Canadian Factory-built Housing 4,189 1,419 1,034 Corporate/Other 727 1,427 721 Consolidated capital expenditures $ 52,244 $ 31,979 $ 8,016 (Dollars in thousands) April 1, April 2, Total Assets: U.S. Factory-built Housing (1) $ 708,573 $ 695,500 Canadian Factory-built Housing (1) 124,673 107,459 Corporate/Other (1) 729,478 431,660 Consolidated total assets $ 1,562,724 $ 1,234,619 (1) Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional information (Detail) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 USD ($) Facility Center | Apr. 02, 2022 USD ($) | Apr. 03, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of idle manufacturing facilities | Facility | 8 | ||
Net book value of property, plant and equipment | $ 177,125 | $ 132,985 | |
Impairment loss | $ 0 | $ 0 | $ 0 |
Amortization period for useful lives of intangible assets | 5 years 7 months 6 days | 6 years 9 months 18 days | |
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | $ 2,500 | ||
Self insurance reserve | 23,800 | $ 19,800 | |
Expected reimbursements on losses above program limits | 11,000 | 7,400 | |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Significant Accounting Policies [Line Items] | |||
Other notes receivable net of reserves | $ 1,700 | 1,700 | |
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Amortization period for useful lives of intangible assets | 10 years | ||
Land and Improvements [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Land and Improvements [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 10 years | ||
Building and Improvements [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 8 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 25 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 8 years | ||
Vehicles [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 3 years | ||
Vehicles [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of property, plant and equipment | 8 years | ||
Idle Manufacturing Facilities and Idle Retail Sales Centers [Member] | |||
Significant Accounting Policies [Line Items] | |||
Net book value of property, plant and equipment | $ 10,500 | ||
Selling, General and Administrative Expenses [Member] | |||
Significant Accounting Policies [Line Items] | |||
Total advertising expense | $ 3,600 | $ 1,800 | $ 1,700 |
U.S [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of manufacturing facilities | Facility | 38 | ||
Number of sales centers | Center | 31 | ||
Canada [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of manufacturing facilities | Facility | 5 |
Business Combination - Schedule
Business Combination - Schedule of Purchase Price Preliminary Allocation on Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Business Acquisition [Line Items] | ||
Goodwill | $ 196,574 | $ 191,970 |
Inventories, Net - Summary of C
Inventories, Net - Summary of Components of Inventory, Net of Reserves for Obsolete Inventory (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 100,379 | $ 141,238 |
Work in process | 23,157 | 26,523 |
Finished goods and other | 78,702 | 73,573 |
Total inventories | $ 202,238 | $ 241,334 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) $ in Millions | Apr. 01, 2023 | Apr. 02, 2022 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete inventory | $ 7.9 | $ 4.8 |
Property Plant, and Equipment -
Property Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |||
Depreciation expense | $ 16.1 | $ 13.4 | $ 12.1 |
Property Plant, and Equipment_2
Property Plant, and Equipment - Summary of Components of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 281,992 | $ 223,698 |
Less accumulated depreciation | (104,867) | (90,713) |
Property, plant, and equipment, net | 177,125 | 132,985 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 41,749 | 39,815 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 119,226 | 104,085 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 91,007 | 69,518 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 30,010 | $ 10,280 |
Goodwill, Intangible Assets, _3
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 196,574 | $ 191,970 | |
Accumulated impairment losses | 0 | ||
Amortization of intangible assets | 10,600 | 7,600 | $ 5,600 |
Capitalized cloud computing costs | 25,000 | 20,500 | |
Amortization of capitalized cloud computing costs | $ 800 | $ 200 |
Goodwill, Intangible Assets, _4
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Components of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 87,510 | $ 83,405 |
Accumulated amortization | (42,167) | (32,122) |
Amortizable intangibles, net | $ 45,343 | $ 51,283 |
Weighted average remaining amortization period, in years | 5 years 7 months 6 days | 6 years 9 months 18 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 66,013 | $ 61,986 |
Accumulated amortization | (32,103) | (23,819) |
Amortizable intangibles, net | $ 33,910 | $ 38,167 |
Weighted average remaining amortization period, in years | 5 years 4 months 24 days | 6 years 9 months 18 days |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 21,497 | $ 21,419 |
Accumulated amortization | (10,064) | (8,303) |
Amortizable intangibles, net | $ 11,433 | $ 13,116 |
Weighted average remaining amortization period, in years | 6 years 3 months 18 days | 6 years 10 months 24 days |
Goodwill, Intangible Assets, _5
Goodwill, Intangible Assets, and Cloud Computing Arrangements - Summary of Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Apr. 01, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fiscal 2024 | $ 8,613 |
Fiscal 2025 | 7,388 |
Fiscal 2026 | 7,388 |
Fiscal 2027 | 7,346 |
Fiscal 2028 | $ 7,317 |
Other Current Liabilities - Com
Other Current Liabilities - Components of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Customer deposits | $ 69,285 | $ 67,396 |
Accrued volume rebates | 25,084 | 23,505 |
Accrued warranty obligations | 28,576 | 25,806 |
Accrued compensation and payroll taxes | 41,422 | 64,888 |
Accrued insurance | 15,075 | 13,569 |
Other | 24,773 | 27,329 |
Total other current liabilities | $ 204,215 | $ 222,493 |
Accrued Warranty Obligations -
Accrued Warranty Obligations - Summary of Changes in Accrued Warranty Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Guarantees and Product Warranties [Abstract] | ||
Balance at the beginning of the period | $ 32,832 | $ 30,469 |
Warranty expense | 54,021 | 43,314 |
Cash warranty payments | (50,892) | (40,951) |
Balance at end of period | 35,961 | 32,832 |
Less noncurrent portion in other long-term liabilities | (7,385) | (7,026) |
Total current portion | $ 28,576 | $ 25,806 |
Debt and Floor Plan Payable - S
Debt and Floor Plan Payable - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 12,430 | $ 12,430 |
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 12,430 | 12,430 |
Revolving Credit Facility Maturing in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
Debt and Floor Plan Payable - A
Debt and Floor Plan Payable - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Apr. 01, 2023 USD ($) | Apr. 02, 2022 USD ($) | Apr. 03, 2021 USD ($) | Apr. 03, 2022 | Jul. 07, 2021 USD ($) | Jul. 03, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Revolving credit facility, maturity month and year | 2026-07 | |||||
Deferred financing fees written off | $ 357 | $ 690 | $ 506 | |||
Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing fees written off | $ 300 | |||||
Obligations Under Industrial Revenue Bonds Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average interest rate | 5.76% | 2.18% | ||||
Industrial revenue bonds maturity | 2029 | |||||
Floor Plan Financing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding borrowings | $ 0 | $ 35,500 | ||||
Line of Credit Facility, description | Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. | |||||
Credit Agreement [Member] | Other Non current Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing fees capitalized | $ 1,100 | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | 200,000 | $ 100,000 | ||||
Outstanding borrowings | $ 26,900 | |||||
First lien leverage ratio | 2.25 | |||||
Interest rate on borrowings | 6.04% | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.875% | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Ratio Equal to Or Greater Than 2.25:1.00 [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.875% | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.125% | |||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage Below 0.50:1.00 [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.125% | |||||
Minimum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line fee percentage | 0.15% | |||||
Maximum [Member] | Floor Plan Financing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 43,000 | |||||
Maximum [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | Consolidated Total Net Leverage [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused line fee percentage | 0.30% | |||||
Letter of Credit [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 45,000 | |||||
Letters of credit issued | $ 32,100 | |||||
Available borrowings under Credit Agreement | $ 167,900 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Uncollected billings related to long-term construction contracts | $ 0 | $ 1,400,000 |
Unbilled revenue for long-term contracts | 0 | 0 |
Receipts in excess of billings | $ 0 | $ 0 |
Minimum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Number of business days for the receipt of floor plan payment | 5 days | |
Maximum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Number of business days for the receipt of floor plan payment | 10 days |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Corporate Net Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | $ 2,606,560 | $ 2,207,229 | $ 1,420,881 |
Manufacturing and Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 2,554,283 | 2,139,918 | 1,355,833 |
Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 1,348 | 10,272 | 11,803 |
Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 50,929 | 57,039 | 53,245 |
U.S Factory-built Housing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 2,411,342 | 1,991,066 | 1,266,308 |
U.S Factory-built Housing [Member] | Manufacturing and Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 2,409,994 | 1,980,794 | 1,254,505 |
U.S Factory-built Housing [Member] | Commercial [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 1,348 | 10,272 | 11,803 |
Canadian Factory-built Housing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 144,289 | 159,124 | 101,328 |
Canadian Factory-built Housing [Member] | Manufacturing and Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 144,289 | 159,124 | 101,328 |
Corporate Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | 50,929 | 57,039 | 53,245 |
Corporate Other [Member] | Transportation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Consolidated Net Sales | $ 50,929 | $ 57,039 | $ 53,245 |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense Included in Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease expense | $ 7,237 | $ 6,621 |
Short-term lease expense | 2,543 | 1,197 |
Total lease expense | $ 9,780 | $ 7,818 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Assets Included in Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Right-of-use assets under operating leases, Other long-term assets | $ 30,290 | $ 11,171 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other noncurrent assets | Other noncurrent assets |
Other current liabilities | $ 6,917 | $ 4,618 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Other long-term liabilities | $ 23,373 | $ 6,553 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Total lease obligation | $ 30,290 | $ 11,171 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Obligations (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
Lessee, Operating Lease, Liability, to be Paid [Abstract] | ||
Fiscal 2024 | $ 8,675 | |
Fiscal 2025 | 8,018 | |
Fiscal 2026 | 7,093 | |
Fiscal 2027 | 6,586 | |
Fiscal 2028 | 4,052 | |
Thereafter | 1,292 | |
Total undiscounted cash flows | 35,716 | |
Less: imputed interest | (5,426) | |
Lease obligations under operating leases | $ 30,290 | $ 11,171 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Term and Discount Rate (Detail) | Apr. 01, 2023 |
Lease, Cost [Abstract] | |
Weighted average remaining lease term (in years) | 4 years 9 months 18 days |
Weighted average discount rate (as percent) | 6.70% |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2023 | Apr. 02, 2022 | |
Leases [Abstract] | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 19,908 | $ 4,817 |
Cash paid related to operating lease obligations | $ 7,305 | $ 6,643 |
Income Taxes - Schedule of Pret
Income Taxes - Schedule of Pretax Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 499,715 | $ 300,675 | $ 92,832 |
Foreign | 34,181 | 29,754 | 18,568 |
Income before income taxes | $ 533,896 | $ 330,429 | $ 111,400 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision by Jurisdiction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Current: | |||
U.S. federal | $ 98,242 | $ 55,983 | $ 13,094 |
Foreign | 8,560 | 7,907 | 4,738 |
State | 24,000 | 15,476 | 5,081 |
Total current | 130,802 | 79,366 | 22,913 |
Deferred | |||
U.S. federal | 78 | 2,367 | 2,853 |
Foreign | 1,440 | 1,118 | 851 |
State | (226) | (466) | (116) |
Total deferred | 1,292 | 3,019 | 3,588 |
Total income tax expense | $ 132,094 | $ 82,385 | $ 26,501 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at U.S federal statutory rate | $ 112,118 | $ 69,390 | $ 23,394 |
Increase (decrease) in rate resulting from: | |||
State taxes, net of U.S. federal benefit | 18,956 | 11,908 | 3,969 |
Foreign tax rate differences | 1,566 | 1,417 | 900 |
Recognition of foreign investment basis difference | 1,249 | 1,076 | 616 |
Change in deferred tax valuation allowance | (703) | 189 | 1,343 |
U.S. tax credits | (2,694) | (2,296) | (3,096) |
Other | 1,602 | 701 | (625) |
Total income tax expense | $ 132,094 | $ 82,385 | $ 26,501 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Apr. 01, 2023 | Apr. 02, 2022 |
ASSETS | ||
Warranty reserves | $ 8,889 | $ 8,043 |
Intangible assets | 8,763 | 9,833 |
Lease assets | 7,487 | 2,774 |
Employee compensation | 7,320 | 12,042 |
Foreign net operating loss carryforwards | 6,343 | 6,470 |
Self-insurance reserves | 5,851 | 5,396 |
Equity-based compensation | 3,258 | 2,206 |
Dealer volume discounts | 2,749 | 2,077 |
Inventory reserves and impairments | 2,599 | 1,750 |
Other | 3,987 | 6,032 |
Gross deferred tax assets | 57,246 | 56,623 |
LIABILITIES | ||
Property, plant, and equipment | 13,367 | 9,901 |
Lease liabilities | 7,487 | 2,774 |
Intangible assets | 5,974 | 7,834 |
Foreign tax basis difference in investments | 5,964 | 5,124 |
Other | 958 | 5,623 |
Gross deferred tax liabilities | 33,750 | 31,256 |
Valuation allowance | (12,038) | (12,741) |
Net deferred tax assets | $ 11,458 | $ 12,626 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Income Tax Contingency [Line Items] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 | |
Earliest Tax Year [Member] | State [Member] | Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2023 | ||
Latest Tax Year [Member] | State [Member] | Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
NOL carryforwards expiration year | 2042 |
Equity Based Compensation - Add
Equity Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 14.2 | $ 9.8 | $ 6 |
Income tax benefit recognized | 3.3 | $ 2.8 | 1 |
Unrecognized equity-based compensation | 29.8 | ||
Unrecognized share-based payment expense, fiscal 2024 | 13.1 | ||
Unrecognized share-based payment expense, fiscal 2025 | 10.4 | ||
Unrecognized share-based payment expense, thereafter | $ 6.3 | ||
Unrecognized share-based payment expense, weighted-average period | 1 year 9 months 7 days | ||
Time-Vesting and Performance-Vesting Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense recognized | $ 4.2 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term, description | Stock options generally have terms of 10 years, with one-third of each grant vesting each year for three years | ||
Vesting period | 3 years | ||
Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of awards | 10 years | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shareholder return performance measurement period | 3 years | 3 years | 3 years |
Performance Share Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting percentage per annum | 200% | 200% | 150% |
Performance Share Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares, vesting percentage per annum | 0% | 0% | 0% |
Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards vested | $ 4.9 | $ 8 | $ 2.5 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value | $ 61.92 | $ 67.90 | $ 28.33 |
Equity Based Compensation - Sum
Equity Based Compensation - Summary of Activity Associated with Awards (Detail) - Time Based Restricted Share Awards shares in Thousands | 12 Months Ended |
Apr. 03, 2021 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance | 145 |
Vested | (145) |
Outstanding, Ending balance | 0 |
Equity Based Compensation - S_2
Equity Based Compensation - Summary of Stock Options Activity (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Outstanding, Beginning balance | 487 | 536 | 403 |
Shares, Granted | 13 | 138 | |
Shares, Exercised | (89) | (61) | (5) |
Shares, Forfeitures | (1) | ||
Shares Outstanding, Ending balance | 398 | 487 | 536 |
Shares, Vested and expected to vest | 398 | ||
Shares, Exercisable | 343 | ||
Weighted Average Exercise Price Per Share, Outstanding, Beginning balance | $ 28.50 | $ 27.50 | $ 26.29 |
Weighted Average Exercise Price Per Share, Granted | 53.06 | 31.21 | |
Weighted Average Exercise Price Per Share, Exercised | 27.64 | 25.04 | 15 |
Weighted Average Exercise Price Per Share, Forfeitures | 31.68 | ||
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | 28.68 | $ 28.50 | $ 27.50 |
Weighted Average Exercise Price Per Share, Vested and expected to vest | 28.68 | ||
Weighted Average Exercise Price Per Share, Exercisable | $ 27.97 | ||
Weighted Average Remaining Term, Outstanding | 6 years 8 months 12 days | ||
Weighted Average Remaining Term, Vested and expected to vest | 6 years 8 months 12 days | ||
Weighted Average Remaining Term, Exercisable | 6 years 6 months | ||
Aggregate Intrinsic Value, Outstanding, Ending balance | $ 18,525 | ||
Aggregate Intrinsic Value, Vested and expected to vest | 18,525 | ||
Aggregate Intrinsic Value, Exercisable | $ 16,223 |
Equity Based Compensation - S_3
Equity Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing and Monte-Carlo Simulation Model with Weighted-Average Grant Date Fair Value (Detail) - $ / shares | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Weighted-average assumptions used: | |||
Expected volatility | 50% | 45% | |
Risk-free interest rate | 1% | 0.50% | |
Expected term, in years | 6 years | 6 years | |
Weighted average grant date fair value per share | $ 25.29 | $ 12.48 | |
Performance Share Units [Member] | |||
Weighted-average assumptions used: | |||
Expected volatility | 57.60% | 54.80% | 50% |
Risk-free interest rate | 3.70% | 1.10% | 2% |
Expected term, in years | 3 years | 2 years 11 months 23 days | 3 years |
Weighted average grant date fair value per share | $ 84.34 | $ 83.04 | $ 28.38 |
Equity Based Compensation - S_4
Equity Based Compensation - Summary of Performance Share Units Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Weighted Average Grant Date Fair Value Per Unit | |||
Granted | $ 25.29 | $ 12.48 | |
Performance Share Units [Member] | |||
Shares | |||
Outstanding, Beginning balance | 407 | 437 | 345 |
Granted | 254 | 188 | 92 |
Vested | (128) | (84) | |
Forfeitures | (3) | (134) | |
Outstanding, Ending balance | 530 | 407 | 437 |
Weighted Average Grant Date Fair Value Per Unit | |||
Granted | $ 84.34 | $ 83.04 | $ 28.38 |
Maximum Achievement [Member] | Performance Share Units [Member] | |||
Weighted Average Grant Date Fair Value Per Unit | |||
Outstanding, Beginning balance | 29.26 | 11.27 | 9.23 |
Granted | 42.17 | 42.23 | 18.92 |
Vested | 33.22 | 6.38 | |
Forfeitures | 35.88 | 3.01 | |
Outstanding, Ending balance | $ 26.20 | $ 29.26 | $ 11.27 |
Equity Based Compensation - S_5
Equity Based Compensation - Summary of Restricted Share Units and Restricted Share Awards Activity (Detail) - Restricted Stock Units [Member] - shares shares in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Shares | |||
Outstanding, Beginning balance | 165 | 183 | 194 |
Granted | 267 | 109 | 87 |
Vested | (91) | (126) | |
Forfeitures | (11) | (1) | (98) |
Outstanding, Ending balance | 330 | 165 | 183 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Numerator: | |||
Net income | $ 401,802 | $ 248,044 | $ 84,899 |
Undistributed earnings allocated to participating securities | (77) | ||
Net income attributable to the Company's common shareholders | $ 401,802 | $ 248,044 | $ 84,822 |
Denominator: | |||
Basic weighted average shares outstanding | 56,987 | 56,816 | 56,648 |
Dilutive securities | 408 | 490 | 325 |
Diluted weighted average shares outstanding | 57,395 | 57,306 | 56,973 |
Basic net income per share: | $ 7.05 | $ 4.37 | $ 1.50 |
Diluted net income per share: | $ 7 | $ 4.33 | $ 1.49 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities (Detail) - shares shares in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total dilutive securities | 106 | 51 | 358 |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total dilutive securities | 13 | 11 | 358 |
Restricted Share Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total dilutive securities | 0 | 20 | 0 |
Performance Share Units [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Total dilutive securities | 93 | 20 | 0 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - Defined Contribution Savings Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
U.S [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Minimum contribution by employees participating to plan | 1% | ||
Maximum contribution by employees participating to plan | 25% | ||
Expenses recognized under contribution plan | $ 5.9 | $ 4.2 | $ 2.6 |
Employer matching contribution to plan | 50% | ||
Employer matching contribution, first pay | 6% | ||
Canada [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses recognized under contribution plan | $ 0.7 | $ 0.7 | $ 0.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Apr. 01, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Financial Information by Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,606,560 | $ 2,207,229 | $ 1,420,881 | |
Operating income | 518,285 | 332,905 | 108,759 | |
Other income | (634) | (36) | (5,889) | |
Depreciation | (16,085) | (13,384) | (12,087) | |
Amortization | (10,641) | (7,552) | (5,617) | |
Amortization of intangible assets | 10,600 | 7,600 | 5,600 | |
Assets | 1,562,724 | 1,234,619 | ||
U.S Factory-built Housing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,411,342 | 1,991,066 | 1,266,308 | |
Amortization of intangible assets | 10,641 | 7,552 | 5,617 | |
Canadian Factory-built Housing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 144,289 | 159,124 | 101,328 | |
Operating Segments [Member] | U.S Factory-built Housing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,411,342 | 1,991,066 | 1,266,308 | |
Operating income | 558,988 | 360,978 | 142,699 | |
Depreciation | 13,624 | 10,823 | 9,620 | |
Capital expenditures | 47,328 | 29,133 | 6,261 | |
Assets | [1] | 708,573 | 695,500 | |
Operating Segments [Member] | Canadian Factory-built Housing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 144,289 | 159,124 | 101,328 | |
Operating income | 32,937 | 31,692 | 19,564 | |
Depreciation | 1,228 | 1,111 | 860 | |
Capital expenditures | 4,189 | 1,419 | 1,034 | |
Assets | [1] | 124,673 | 107,459 | |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 50,929 | 57,039 | 53,245 | |
Operating income | (46,280) | (38,793) | (29,911) | |
Depreciation | 1,233 | 1,450 | 1,607 | |
Capital expenditures | 727 | 1,427 | 721 | |
Assets | [1] | 729,478 | 431,660 | |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,606,560 | 2,207,229 | 1,420,881 | |
Operating income | 518,285 | 332,905 | 108,759 | |
Depreciation | 16,085 | 13,384 | 12,087 | |
Capital expenditures | 52,244 | 31,979 | $ 8,016 | |
Assets | $ 1,562,724 | $ 1,234,619 | ||
[1] Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable. |
Commitments, Contingencies an_2
Commitments, Contingencies and Concentrations - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Apr. 01, 2023 USD ($) Employee | Apr. 02, 2022 USD ($) | |
Commitment And Contingencies [Line Items] | ||
Contingent repurchase obligation | $ 386.6 | |
Reserve for estimated losses under repurchase agreements | $ 2.5 | $ 2.3 |
Guarantee obligations term | 12 years | |
Number of employees | Employee | 7,700 | |
Canada [Member] | Manufacturing Facilities [Member] | Collective Bargaining Agreements [Member] | ||
Commitment And Contingencies [Line Items] | ||
Number of employees | Employee | 750 | |
Geographic Concentration Risk | Canada [Member] | ||
Commitment And Contingencies [Line Items] | ||
Net assets | $ 124.7 | $ 107.5 |
Sales [Member] | Geographic Concentration Risk | Canada [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration risk percentage | 6% | 7% |
Letters of Credit [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | $ 32.1 | |
Long-term Debt [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 12.6 | |
Casualty Insurance Program [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 19.2 | |
Bonding Agreements [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | 0.3 | |
Surety Bond [Member] | ||
Commitment And Contingencies [Line Items] | ||
Contingent obligation | $ 31 |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Quarterly Financial Data [Abstract] | |||
Net sales | $ 2,606,560 | $ 2,207,229 | $ 1,420,881 |
Gross profit | 818,681 | 589,123 | 287,695 |
Net income | $ 401,802 | $ 248,044 | $ 84,899 |
Per share data: | |||
Basic income (loss) per share | $ 7.05 | $ 4.37 | $ 1.50 |
Diluted income (loss) per share | $ 7 | $ 4.33 | $ 1.49 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2023 | Apr. 02, 2022 | Apr. 03, 2021 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 1.7 | $ 0.4 | $ 0.4 |
Additions | 0.3 | 1.4 | 0.2 |
Deductions | (0.3) | (0.1) | (0.2) |
Balance at End of Period | 1.7 | 1.7 | 0.4 |
Valuation Allowance for Deferred Taxes [Member] | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 12.7 | 12.6 | 11.2 |
Additions | (0.3) | 0.2 | 1.4 |
Deductions | (0.2) | (0.1) | |
Other | (0.2) | ||
Balance at End of Period | $ 12 | $ 12.7 | $ 12.6 |